EGX dips at open battered by North Sinai deadly attacks

CAIRO: The Egyptian Exchange (EGX) opened on a limited decline hurt by deadly North Sinai militant attacks that killed at least 30 military, police and civilian martyrs in four separate attacks Thursday.

The EGX decided to delay the trading session for one minute Sunday, opening at exactly 10.01 a.m. to mourn those killed.

The benchmark index EGX30 fell by 0.33 percent, registering 9,810 points, compared to 9,843 Thursday. Also, the small and mid-cap index EGX70 lost 0.34 percent to hit 574 points, down from 576.5 points in the last session and the broader index EGX100 decreased by 0.44 points, recording 1,140 points.

Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities, said that the market may witness profit taking activities which may drag the benchmark to the support level of 9,600 points.

“The benchmark will probably sustain near 9,600 points and resume its upward move once more,” Gamal told The Cairo Post.

Technical indicators have signs of profit taking which is “healthy” for resuming the uptrend, said Gamal, adding that political unrest and the recent attack on North Sinai have also raised the possibility of a short-term downward correction.

Also, global markets shut on a negative note which may hurt the EGX as well, Gamal concluded.